Deutsch
US President Donald Trump announced the expansion of existing import duties yesterday. This time it hits India. However, the increase in import fees by a further 25 percent is not causing a shock on the crypto market. Instead, Bitcoin and Co are currently posting profits.
CFDs and real stocks in a trading platform with free deposits and no conditions - that's XTB.
Trump Imposes New Tariffs against India
US President Donald Trump gave an approximately 40-minute speech yesterday. In it, the politician addressed current issues affecting US politics. Above all, one topic has international explosiveness and the potential to affect the crypto market – it concerns new import duties.
Trump stated that the Russian Federation would pose an ongoing threat to the United States and its policies. He cited the war in Ukraine as the reason, which has been raging in its full extent for three and a half years.
According to the US President’s assessment, India is acting as an accomplice to Russia. By importing Russian energy sources and then reselling them for profit, the country is helping Russia to circumvent existing sanctions.
Trump considers this situation unacceptable. Therefore, he is now imposing a punitive tariff of an additional 25 percent on Indian products. The US President had already imposed a 25 percent import duty on Indian goods in April. Overall, the duties on Indian goods are thus rising to 50 percent.
“Trump signed a decree imposing tariffs on India because it continues to buy oil from the Russian Federation”, the White House said in a press release.
Furthermore, the decree opens “a procedure for the possible imposition of similar tariffs against other countries that directly or indirectly import oil from the Russian Federation.”
Trump is only taking these measures to end the war in Ukraine in a timely manner, the White House writes
This is how the Crypto Market Reacts to Trump’s Latest Tariffs
In the past, the crypto market often reacted significantly as soon as Trump imposed new tariffs. Cryptocurrencies usually recorded losses after investors made sales. This trend is not repeating itself at the moment.
At the editorial deadline, the Bitcoin price is even two percent in the plus in the daily trend. BTC is trading at $116,560. The bulls are also currently prevailing among the remaining cryptocurrencies.
- Bitcoin
(BTC) - Price $116,799.00
- Market Cap
$2.32 T
The entire crypto market has thus recorded a price gain of 2.90 percent since yesterday. It unites a value of 3.83 trillion US dollars.
According to CoinMarketCap’s Fear & Greed Index, the crypto market is currently in a neutral mood. Many price analysts expect a continuation of the bull market this year and new all-time highs for the Bitcoin price.
Market analyst Arthur Hayes has now deviated from this expectation. He believes that the crypto market would be dominated by price losses until September, which should also be caused by US politics.
